Press release
Soaring Demand Set to Propel Virtual Mirror Market to $30.42 Billion by 2029
Virtual Mirror Market
What Is the Expected CAGR for the Virtual Mirror Market Through 2025?
The rapid expansion of the virtual mirror market size has been witnessed over the past few years. The market which is projected to be valued at $10.88 billion in 2024 will surge to $13.14 billion in 2025, reflecting a compound annual growth rate (CAGR) of 20.8%. This significant growth in the earlier period is linked to factors such as the evolution of customer expectations, distinctive market innovation, enhanced user interfaces, current trends in the fashion and beauty industry, as well as the increased adoption of mobile and augmented reality.
What's the Projected Size of the Global Virtual Mirror Market by 2029?
The market for virtual mirrors is predicted to experience significant expansion in the coming years, reaching a value of $30.42 billion in 2029 with a compound annual growth rate (CAGR) of 23.3%. Factors contributing to this growth during the forecast period include environmental sustainability issues, competitive market forces, an improved user experience, retail sector innovations, and enhanced client engagement through mobile AR and app integrations. The forecast period is also expected to see key trends such as advanced augment reality (AR) technologies, touch-free shopping and virtual try-on facilities, integration with e-commerce and online retail, broader industry applications, and improved mobile accessibility.
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Top Growth Drivers in the Virtual Mirror Industry: What's Accelerating the Market?
The growth of the virtual mirror market is projected to surge on the back of a rise in online shopping activities. Digital commerce, which involves direct purchasing of products or services from purveyors via the Internet using the web, is what is meant by online shopping. With the help of mobile phone apps featuring virtual mirrors, users have the ability to alter their hairstyle appearance, makeup, or accessories. This innovative tech is also employed in digital and physical retail to give consumers a preview of how a particular item or accessory might fit them. For example, as per the Indian Brand Equity Foundation - an export promotion establishment based in India, there's an anticipated 21.5% growth in the Indian e-commerce market in 2022, with a total market value of around $74.8 billion. Thus, the escalation in online shopping activities is fuelling the expansion of the virtual mirror market.
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What Trends Will Shape the Virtual Mirror Market Through 2029 and Beyond?
The key trend gaining traction in the virtual mirror market is the emergence of innovative new products. Companies leading in this space are launching new products to maintain their market position. As an example, in January 2022, US company My Size Inc., launched a smart mirror that assists shoppers in trying on apparel and generating size recommendations. The mirror utilizes GK Software's retail solutions and My Size's AI-powered sizing technology to streamline and precisify the try-on process. The MySizeID Mirror meshes effortlessly into diverse retail environments like fitting rooms and areas with heavy customer traffic.
What Are the Main Segments in the Virtual Mirror Market?
The virtual mirror market covered in this report is segmented -
1) By Component: Software, Hardware, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Technology: 3D Body Scanning, Photo Accurate VFR, 3D Augmented Reality And Virtual Reality
4) By Industry: Retail, Other Industries
Subsegments:
1) By Software: Augmented Reality (AR) Software, Virtual Try-On Applications, Customization And Personalization Tools
2) By Hardware: Display Screens, Cameras And Sensors, Interactive Touchscreens
3) By Services: Installation And Setup Services, Maintenance And Support Services, Consulting Services For Integration
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Which Top Companies are Driving Growth in the Virtual Mirror Market?
Major companies operating in the virtual mirror market include SenseMi Technologies Pvt. Ltd., Terawe Corporation, Textronics Inc., Virtooal Studio SRL, ICON Multimedia S. L., Cisco Systems Inc., Fitnect Interactive Inc., Metail Limited, MemoMi Labs Inc., Zugara Inc., My Size Inc., Virtusize Co. Ltd., DigitalDM Inc., ViuBox S. L., Dressformer LLC, Astrafit LLC, Virtalis Limited, Vizoo GmbH, zSpace Inc., 3D-A-Porter Limited, Styku Inc., Total Immersion SAS, ViewAR GmbH, Vuforia Solutions Inc., Wikitude GmbH, YouAR GmbH, Zappar Limited, Blippar Limited
Which Regions Will Dominate the Virtual Mirror Market Through 2029?
North America was the largest region in the virtual mirror market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual mirror market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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